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Bitcoin Price Analysis: BTC/USD turns bearish as technical pattern breaks

  • Bitcoin moves back to flat after a promising start to Thursday.
  • On the 30-Minute, chart the price has just broken a bear flag pattern.
Bitcoin Price Analysis: BTC/USD turns bearish as technical pattern breaks
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

BTC/USD 30-Minute Chart

The day started well for the crypto world but slowly Thursday has turned more and more bearish.

Now on the lower timeframes some resistance has formed and the price broke the 30-Minute bear flag.

The volume histogram at the bottom of the chart shows that there are more sellers backing the move.

The wave low stands at 8,520.00 and if it breaks the bear trend could continue. 

On the topside, the next major resistance is at 9K.

We currently need to see if the bears jump on the back of this move lower. 

Bitcoin Chart

Additional Levels

BTC/USD

Overview
Today last price8763.19
Today Daily Change-16.59
Today Daily Change %-0.19
Today daily open8779.78
 
Trends
Daily SMA209847.77
Daily SMA509216.48
Daily SMA1008273.92
Daily SMA2008828.68
 
Levels
Previous Daily High9366.63
Previous Daily Low8627.16
Previous Weekly High10307.33
Previous Weekly Low9309.77
Previous Monthly High9568.13
Previous Monthly Low6856.63
Daily Fibonacci 38.2%8909.64
Daily Fibonacci 61.8%9084.15
Daily Pivot Point S18482.42
Daily Pivot Point S28185.06
Daily Pivot Point S37742.96
Daily Pivot Point R19221.89
Daily Pivot Point R29663.99
Daily Pivot Point R39961.35

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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